RIYADH: Saudi Arabia’s Cultural Development Fund has signed a multi-million-dollar agreement to establish the first film investment fund in the Kingdom, with the aim of developing the nation’s media and entertainment industry, the Saudi Press Agency reported on Friday. The agreement in principle, between the fund and Saudi-based companies ROAA Media Ventures and MEFIC Capital, was signed on Thursday in Cannes, where the city’s annual film festival began on Tuesday. The deal falls under the patronage of Minister of Culture Prince Badr bin Abdullah, who is also chairperson of the fund’s board of directors. The deal, valued at SR375 million ($100 million), includes plans to establish a Film Investment Fund for the Kingdom, with the Cultural Development Fund the primary investor, providing 40 percent of total investment. In addition to investing in the financing of film companies and projects, the agreement also seeks to build a network of mentors, entrepreneurs and distribution experts to help support them and ensure that the risks are properly managed following recognized best practices. The Cultural Development Fund is participating at the Cannes Film Festival, which continues until May 27, as part of the Saudi pavilion at the event, which brings together all organizations involved in the Kingdom’s film industry, led by the Ministry of Culture’s Film Commission.